GBP/USD buoyant on UK data

By FXstreet.com | July 01, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7146, down -0.02% on the day, having posted a daily high at 1.7154 and low at 1.7143.

The Pound is tucked in close to the daily highs against the dollar and remains buoyant from further positive signs in the manufacturing PMI. Immediately next up we have the UK’s Nationwide house price survey that may show us that the property market remains “insufficiently frothy” for policymakers to continue to act forcefully on it, as analysts at Rabobank explained“. Recall that despite new limits on some mortgage loans the BoE have also said they will only be truly concerned about a housing bubble if prices rise another 20% over the next three years”. Then we await further PMI’s and markets will pay close attention to the services PMI on Thursday ahead of Nonfarm Payrolls afterwards (Note Friday is 4th July holidays in the US)

GBP/USD Levels

Current price is 1.7147, with resistance ahead at 1.7150 (Daily Open), 1.7154 (Daily High), 1.7168 (Yesterday's High), 1.7175 (Weekly Classic R3) and 1.7185 (Daily Classic R2). Next support to the downside can be found at 1.7146 (Daily Classic R1), 1.7143 (Daily Low), 1.7138 (Hourly 20 EMA), 1.7114 (Weekly Classic R2) and 1.7106 (Monthly High).

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